What is an Electronic Health Record: An electronic health record is the systematized collection of patient and population electronically stored health information in a digital format. These records can be shared across different health care settings.
What is the future of Electronic Health Record:
The global Electronic Health Records (EHR) market size was valued at USD 20.55 billion in 2016 and is expected to reach USD 33.41 billion by 2025. EHR are the summary of the numerous electronic medical records which are produced throughout any clinical encounter. An Electronic health records supplies a wide variety of data such as, medication, laboratory test results, and medical history, demographics and diagnostic images. In the last few years, EHR implementation has been privileged in the hospitals in contrast to small-sized practices, primarily because hospitals have a big budget in comparison to miniature sized practice. However, over the forecast period, the industry for Electronic health record for systems utilized in miniature sized practices is expected to observe noteworthy growth rate.
Important advantages linked with electronic health records systems coupled with financial incentives offered by government of different countries are expected to become the chief factors driving the expansion of EHR (Electronic health records) market globally. Benefits from EHR system comprises updated patient information, accurate patient information, decreased healthcare services cost in extended term, rapid access to customer associated data, decreased medical errors, amplified patient involvement and enhanced competence of healthcare service offerings. These compensations encourage healthcare service providers to provide their services with technically superior (Electronic health records) EHR systems, which is expected to drive the industry growth over the forecast period. Over the anticipated period the financial enticement by governments in developing and developed countries is expected to continue to, propel the growth of Electronic health records market.
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On the basis of installation type the Electronic health records market can be segregated into three prominent sections that are software as services, client server based and web based. Growing technical advancement in the field of data access through smart phones, increasing demand for improved quality and efficiency in service delivery coupled with increasing disposable income of customer across the world are expected to drive the growth of electronic health record market, by installation type. Web based Electronic health records systems are being admired more and more between medical professionals owing to its reduced operational costs. The client server based Electronic health records systems includes up-front setting up fees, which is expected to be the major challenge among medium size practices and small practices. The software as a service section is expected to grow at a fast pace over the given period owing to fact that Software as a service (SaaS) is attaining better inclination between physicians as it is capable of offering small upfront costs and eliminating technical glitches.
Overall, by taking into consideration the installation type of electronic health record systems, the client server supported EHR aid in achieving more power on both the data as well as the software. Likewise, the expenditure also gets decreased notably in web-based electronic health record systems and the data gets stored up involuntarily by the vendor. The stored data can be administered from anywhere on the globe. Software as a service (SaaS) electronic health record systems are characteristically advantageous for older physicians or standalone centres who are into the industry for last few years in direction to evade the penalty charged by the government authorities.
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On the basis of geographical region this market can be segregated into Asia-Pacific, North America, Europe and Rest of the World. North America is expected to generate largest share in revenue over the forecast period owing to increasing investment done by government in this sector coupled with policies introduced by government to encourage the implementation of electronic health record system. After North America, Europe is expected to capture maximum market share over the forecast period owing to numerous ongoing Research & development activities done by the companies’ active in this area. Asia Pacific is expected to rise rapidly over the forecast period owing to increasing consumer awareness and spending among the population of these countries. On the basis of end-user this market can be segregated into hospitals and ambulatory uses. The ambulatory uses are further divided into standalone facility, retail pharmacy and clinical use. Hospital use section of this market is expected to capture largest part in revenue owing to growing demand of most favourable services coupled with growing competition in this sector. Ambulatory use is expected to see a significant rise owing to growing demand of mobile electronic health record systems.
The key players in the market are as follows Cerner Corporation, eClinicalWorks, Allscripts Healthcare Solutions, Epic Systems, GE Healthcare, Athenahealth, Inc, Medical Information Technology, McKesson Corporation, NextGen Healthcare, Greenway Health, CoxHealth 4medica, and CPSI. Recently, in March 2014, CoxHealth installed a complete web-based population patient engagement platform and health services platform designed by Phytel, Inc. to improve health result of patients coupled with simplicity in the shift from fee for service to outcome supported payment model which is presently established in the U.S.